TEHRAN, Oct. 20 (MNA) – The head of the Society of Iranian Petroleum Industries Equipment Manufacturers announced on Saturday that Iran welcomes European companies seeking to continue business in the country, saying some 110 small and medium European enterprises (SMEs) have expressed readiness to take part in the country’s oil and gas sector.

According to Reza Khayyamian, the European SMEs have proposed to establish joint ventures with Iranian firms in a bid to make a maximum use of the country’s great potentials in the oil and gas sector.

The official did not provide further details about the names of the applicant companies.

Khayyamian noted that the association, in cooperation with Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), is planning to hold a seminar to invite the active European SMEs, creating an opportunity for the domestic and international players in the field, including contractors and investors, to discuss ways of cooperation.

He pointed to the association’s proposal on building conglomerates of small Iranian and European companies with the aim of pushing forward the oil and gas projects.

Noting that this can help keep the country’s oil quota in the international arena, Khayyamian said major oil projects can also be divided into smaller packages, which could be handled by smaller contractors.

The official had previously hailed the European Union's positive approach toward SMEs continuing business in the Islamic Republic. The EU has proposed financial aids to such firms via European Investment Bank funds.